The Government has withdrawn an additional $20.8 Billion from the Natural Resource Fund (NRF).

The Ministry of Financesaid the withdrawal was done in accordance with the Natural Resource Fund Act and the approved 2023 Budget.

“In accordance with the NRF Act 2021 and the approved Budget 2023, the Government of Guyana has made its sixth transfer, totaling US$100 million (equivalent to G$20.8 billion) from the NRF on October 24, 2023, to the Consolidated Fund,” the Finance Ministry said in a statement.

While considering the 2023 Budget, the National Assembly, earlier this year, approved G$208.9 Billion to be withdrawn from the NRF in 2023.

The Finance Ministry said this latest transfer brings the accumulated withdrawals to date in 2023 to $156 Billion

In August and September, the Government, withdrew $41.6B from the oil fund.

According to the Minister responsible for Finance, Dr Ashni Singh, the Government has been using the money to finance “national development priorities” in accordance with the Natural Resource Fund (NRF) Act.

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